Using a HISA account FAQs

Using the account

No minimum ongoing balance is required to earn our great competitive rate. Interest will not be paid on amounts over the account limit of $150,000. If the account balance goes over $150,000 then the interest rate will be reduced to reflect an average blended rate.

You’ll need to provide the issuer with your account information, such as account, transit and institution numbers (also known as ‘void cheque information’). You can easily access this by logging in at wyth.ca or through the Wyth mobile app, select Savings Accounts, choose the account you want Direct Deposit set up to, and select Download a Void Cheque. You’ll get a PDF version of a void cheque which you can print or save.

Remember your goals! This account is for saving, not spending, so bill payments and debit from your savings account aren’t available at this time.

There are no monthly fees for your savings account. Deposits to your savings account are free. Transfers from your savings account to linked external accounts at other financial institutions are free. Interac e-Transfer® withdrawals include one free per calendar month, then $1.50 each. There could be transaction fees for some other requests; please see our deposits disclosure for details.

Interest is calculated daily on the total closing balance and paid monthly, up to the account limit of $150,000. No interest will be paid on amounts over the account limit of $150,000. If the account balance goes over $150,000 then the interest rate will be reduced to reflect an average blended rate. Please see our deposits disclosure for details.

We offer instant transfers from your account using Interac e-Transfer® Autodeposit for amounts up to $250.  For amounts higher than $250, it will typically take about 30 minutes to send or receive funds via Interac e-Transfer®.

Interac e-Transfer® delays transactions for about 30 minutes to ensure account activity is in order and then the money will display in your account.

See our deposits disclosure for Interac e-Transfer® limits on inbound and outbound transfers.

Transfers from your linked accounts at other financial institutions may be processed the following day if the deposit is made after 6:00pm EST/EDT, and there will be a hold of up to 7 calendar days on these funds.

Log in at wyth.ca or through the Wyth mobile app, select your Savings account then click View account details to see your “Funds on hold” and “Available balance”.

An Interac e-Transfer® will appear within about 30 minutes and you’ll have access to these funds immediately.

Yes, your Wyth HISA account offers the convenience of setting up Autodeposit for funds received via Interac e-Transfer®.   There is no need to log into your account to receive the funds if you set this up. You can also choose to not Autodeposit funds received via Interac e-Transfer®.

Yes! Wyth Financial is a trade name of Concentra Bank, which is a member of the Canadian Deposit Insurance Corporation (CDIC). The CDIC is not a bank or private insurance company. It is a Federal Crown corporation created by Parliament to protect the money you deposit in member financial institutions. Eligible deposits in Canada are protected up to a maximum of $100,000 (principal + interest combined) per issued category. 

Read the CDIC's brochure on protecting your deposits

You will notice that we don't use security questions, and that's OK. For enhanced security we use one-time passwords to keep your money safe. For example, when you sign in at wyth.ca or using the Wyth mobile app on a new device, we send a text message with a one-time security code to your mobile device, or an email to your registered email address. We have all the standard features you'd expect from a Schedule 1 bank, such as strong passwords, and a variety of behind the scenes protection to keep your money secure. 

You betcha! You can add additional protection to your account by selecting an image that appears when you sign in. This helps protect you from phishing attacks. We also have a range of alerts enabled or available to ensure you're always aware of what is happening with your account, such as low balance alerts or when personal details are updated. 

Contact the Wyth team at 1.800.788.6311 and select option 1, or email us at answers@wyth.ca.

Sign in at wyth.ca or through our Wyth mobile app, then click Settings on the left, then Change Password. This will prompt you to enter your current and new password.

When an account holder passes away, the Executor or the Joint Account owner should contact the Wyth team at 1.800.788.6311 and select option 1, or email us at answers@wyth.ca. If possible, have the date of death and account details available.

We do a ‘soft check’ to just validate identity. This isn’t visible to others who view your credit report and it doesn’t affect your credit score. Phew!

Linking an external account is the easiest way to deposit money. We also offer Interac e-transfer®.

Information on CDIC coverage when member institutions amalgamate can be found here

Linking an account

Sign in at wyth.ca or through the Wyth mobile app, then on the home screen click Link account, and follow the instructions. If your financial institution is not listed or you would like to set up the link manually then we can do this by making two small deposits (microdeposits). Just follow the steps under Can’t find your financial institution?.

Follow the steps under Can’t find your financial institution? and enter the details of your external account. Within 2-3 business days two small deposits will be made to your external account.

On your computer:

  1. After receiving those two deposits, log into your Wyth account online and select Transfer money from the left-hand menu.
  2. Click on Manage accounts.
  3. Select the appropriate linked account and click Verify account.
  4. After entering the two deposit values correctly your account will be linked and you're ready to go!

On your Wyth app:

  1. After receiving those two deposits, log into your Wyth app and select Transfer from the menu on the bottom of the screen.
  2. Click on the down arrows and select Manage accounts.
  3. Select the appropriate linked account, enter the two values, and click Verify account.
  4. After entering the two deposit values correctly your account will be linked and you're ready to go!

This allows us to deliver you a more convenient and frictionless banking experience. It limits the need for you to gather other information, which can be inconvenient. The link is verified faster so you can deposit money from your linked account sooner.

You're not required to set up a link to an external account, but it's the easiest way to move money between Wyth and your accounts at other institutions, so you can take advantage of our great rates.You can set up a link during the application process, or at a later time in mobile or online banking. It’s a quick and simple way to deposit funds to your account, alongside other methods available like Interac e-Transfer®.

No. We only use your credentials to ensure that you're looking to your own account, and we do not store this information after the link has been verified. Once you have successfully signed in, your credentials are removed - we do not store them or have access to them in any way.

Yes! You may link more than one external account, subject to limits set out in the deposits disclosure.

Scheduled and recurring transfers can be made from your external linked account(s) into your Wyth savings account. You can change the scheduled payments at any time from your external linked account(s).

We may place a hold on all or a portion of your deposit until we’ve verified that the funds will be available from the other account to cover it. Please refer to our hold policy in the deposits disclosure. Transfers from your linked accounts made after 6:00pm EST/EDT may be processed the following day. Log in at wyth.ca or through the Wyth mobile app, select your Savings account then click View account details to see your “Funds on hold” and “Available balance”.

Mobile cheque deposit

Please use Interac e-transfer® or link an external account to deposit funds to your account.